insidecostco

tions limit the number of withdrawals per
month to six, by online transfer or check.

CC: Is there a minimum deposit amount?

SH: With the InterestPlus Online Savings
account, the minimum initial deposit for
opening an account is $5,000. With a $1,000
deposit you can open a Money Market
Account. There are no monthly fees with
either account.

Building
with Savings is an essential
part of gaining wealth

CC: Are these online savings products easy
to set up?

SH: The InterestPlus Online Savings
account is applied for exclusively online
through the Costco website. There is no
paper statement provided. With the Money
Market Account, you can open it either online
or by phone, and you can choose online-only
or paper statements.

CC: Is any risk involved in these savings
accounts?

SH: Money invested in either of these
Capital One online savings accounts is
FDIC insured to at least $250,000 per
depositor per institution.

MOST FINANCIAL EXPERTS agree about
the general route to wealth: Get cash flow
under control, pay down debt and start saving. The savings part requires some planning,
because you might need access to those funds.
That’s where Capital One® Direct Banking is
positioned to help Costco members with a
couple of online savings products that offer a
better return than neighborhood banks
while keeping that money accessible.

Shawn Haigh, Capital One Direct Banking
vice president, recently presented an overview
of those savings products for The Connection.

Connecting
For more information and to learn current rates, visit Costco.com and search
“InterestPlus31,” or call 1-866-630-7954.

rate. You can maintain access to your funds
and get the benefits of a traditional savings
account but with a higher rate.

Costco Connection: Why would someone
be attracted to an online savings account?

Shawn Haigh: With both the InterestPlus
Online Savings and the Money Market
Account, the idea is to offer a higher-than-average rate of return on your money that’s
better than you would get at the typical brick-and-mortar bank. With online products,
there is less overhead, so savings can be
passed along to the customer via a higher

CC: With these online accounts, what level
of access does a depositor have to his or her
money, and are there restrictions or limitations?

SH: A big advantage with both types of
online accounts is 24/7 access from anywhere
with an Internet connection. Additionally,
there are free online transfers to accounts
within Capital One Direct Banking or to
other institutions. The Money Market
Account also has additional access via checks
and an ATM card. The trade-off for members
to consider is the higher rate with the
InterestPlus Online Savings account. With
both types of online accounts, federal restric-

SH: Yes. With both of these online savings
accounts, Costco members receive exclusive
rates and are eligible for an incentive when they
open their first Capital One Direct Banking
account through the Costco program and
deposit $5,000 within 30 days: Executive
Members receive a $60 incentive, Gold Star and
Business members receive a $20 incentive. The
incentive will be credited to your account
within four to six weeks of funding.

Costco members who open an InterestPlus
Online Savings account can also receive a
bonus from Capital One Direct Banking equal
to 10 percent of the interest earned on the
account in the previous quarter. To be eligible to
receive the bonus, the InterestPlus Online
Savings account must be open, and an average
monthly balance of at least $10,000 must be
maintained in the account every month during
the previous quarter. The bonus will be reflected
on your statement within four to eight weeks
after the end of each quarter. C

Capital One Direct Banking deposit products are offered by
Capital One Bank (USA), N. A., and Capital One, N. A., members
FDIC. May not be combined with any other offers. You must be
a current Costco member at the time you open your account.
The amount of the bonuses and incentives may be reported to
the IRS as required by applicable law. Terms and conditions of
this offer may change at any time. See Costco.com for additional
terms and conditions.